Spire Inc. Amends Redemption of 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock

Rhea-AI Summary

Spire (NYSE: SR) will redeem all 10,000 outstanding shares of its 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock (SR.PRA) on February 13, 2026. Redemption price equals $25.00 per Depositary Share plus accrued dividends; the declared quarterly dividend of $0.36875 per Depositary Share will be paid on February 17, 2026 to holders of record as of January 26, 2026. Payment is made in two parts: base redemption on the Redemption Date and the declared dividend on February 17, 2026, after which the company has no further obligations on the redeemed shares.

Positive

• Complete redemption of all 10,000 Series A preferred shares
• Clear, fixed redemption price of $25.00 per Depositary Share
• Declared dividend of $0.36875 payable to Record Date holders

Negative

• Preferred holders lose ongoing dividend entitlement after February 17, 2026
• Redemption eliminates perpetual preferred instrument from capital structure

Key Figures

Series A dividend rate: 5.90% Shares redeemed: 10,000 shares Par value: $25.00 per share +5 more

8 metrics

Series A dividend rate 5.90% Series A cumulative redeemable perpetual preferred stock

Shares redeemed 10,000 shares Outstanding Series A Preferred Stock to be redeemed

Par value $25.00 per share Par value of each Series A Preferred share

Liquidation preference $25,000 per share Liquidation preference per Series A Preferred share

Redemption price $25.00 per Depositary Share Base Redemption Amount on Feb. 13, 2026

Declared dividend $0.36875 per Depositary Share Regular quarterly dividend payable Feb. 17, 2026

Redemption date February 13, 2026 Date Depositary Shares are redeemed at Base Redemption Amount

Record date January 26, 2026 Record date for Series A Preferred Declared Dividend

Market Reality Check

Price: $84.49 Vol: Volume 715,387 vs 20-day ...

high vol

$84.49 Last Close

Volume Volume 715,387 vs 20-day average 381,415 (relative volume 1.88). high

Technical Price $84.49 trading above 200-day MA of $79.36, pre-announcement.

Peers on Argus

SR was down 0.44% while key gas utility peers (BKH, OGS, NJR, SWX, MDU) showed g...

SR was down 0.44% while key gas utility peers (BKH, OGS, NJR, SWX, MDU) showed gains between 0.29% and 0.90%, indicating stock-specific trading rather than a sector-wide move.

Historical Context

5 past events · Latest: Jan 14 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 14	Earnings call notice	Neutral	+0.3%	Scheduled FY26 Q1 earnings call and webcast announcement.
Dec 09	Leadership change	Neutral	-0.3%	Appointment of a new executive vice president and COO.
Nov 14	Earnings results	Positive	-2.4%	Fiscal 2025 results with higher earnings and raised EPS guidance.
Nov 13	Dividend increase	Positive	-1.5%	Increase in annual common dividend and declaration of preferred dividend.
Oct 21	Earnings call notice	Neutral	-0.4%	Announcement of FY25 year-end earnings call and webcast.

Pattern Detected

Recent positive fundamental news (earnings, dividend increase) saw negative next-day moves, while neutral conference-call and management updates had modest reactions.

Recent Company History

Over the last few months, Spire has focused on earnings, capital planning, and shareholder returns. Fiscal 2025 results showed higher net income and raised adjusted EPS guidance for 2026–2027, alongside a higher common dividend. The board also extended its dividend growth streak to 23 years and continued regular preferred dividends. Conference-call announcements around year-end and Q1 results generated only small price changes. Against this backdrop, today’s clarification of terms for redeeming the 5.90% Series A preferred fits into ongoing balance sheet and capital structure management.

Market Pulse Summary

This announcement details the mechanics of redeeming Spire’s 5.90% Series A preferred, including a $...

Analysis

This announcement details the mechanics of redeeming Spire’s 5.90% Series A preferred, including a $25.00 per Depositary Share base redemption and a separate $0.36875 dividend for holders of record on January 26, 2026. It confirms that the regular dividend fully covers accrued dividends and that no further obligations remain on redeemed shares. In the broader context of recent junior subordinated note offerings and prior dividend actions, this step fits into ongoing capital structure and funding plans.

Key Terms

cumulative redeemable perpetual preferred stock, depositary shares, liquidation preference, record date, +4 more

8 terms

cumulative redeemable perpetual preferred stock financial

"the Company's 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock"

A cumulative redeemable perpetual preferred stock is a type of ownership share that pays fixed dividends forever unless the company stops them, and any missed dividends accumulate and must be paid later. It can be redeemed (bought back) by the issuer at specified times or prices, so it behaves partly like a long-term loan; investors care because it sits ahead of common shares for payments and can affect a company’s cash needs and perceived credit risk.

depositary shares financial

"and the corresponding depositary shares of the Company ("Depositary Shares")"

Depositary shares are tradable certificates that represent a fractional piece of a larger security held by a third-party bank, like owning a slice of a single big pie instead of the whole pie. They let companies issue and investors buy smaller, more affordable portions of preferred stock or other instruments; holders usually receive proportional dividends and market pricing similar to ordinary shares, but may have limited voting rights and different liquidity or tax implications, which can affect income and resale value.

liquidation preference financial

"par value $25.00 per share, liquidation preference $25,000 per share"

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

record date financial

"holders of the Series A Preferred Stock as of the previously announced record date, January 26, 2026"

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

cusip financial

"Series A Preferred Stock (NYSE: SR.PRA – CUSIP No.: 84857L309)"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

redemption date financial

"As previously disclosed, the redemption date is February 13, 2026"

The redemption date is the specific day when a debt-like security (such as a bond, preferred share, or certificate) must be repaid by the issuer and the investor receives the principal plus any final interest or dividends. It matters to investors because it tells when cash will return, shapes the effective return and price of the security, and creates reinvestment and timing considerations—like knowing when a loan is due so you can plan what to do with the returned money.

redemption price financial

"the "Redemption Price").The Company previously declared a regular quarterly dividend"

The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.

redemption agent financial

"should be directed to Computershare Trust Company, N.A. for the redemption of the Series A Preferred Stock"

A redemption agent is the third-party firm or bank that handles the paperwork and payments when investors cash out certain securities or funds. Think of it as the trusted cashier and record-keeper who confirms you’re entitled to money, arranges the transfer, and ensures rules are followed; its efficiency and reliability affect how quickly and safely investors actually receive proceeds and reduce the risk of administrative delays or errors.

AI-generated analysis. Not financial advice.

ST. LOUIS, Feb. 2, 2026 /PRNewswire/ -- Spire Inc. (NYSE: SR) (the "Company") previously announced that it has delivered notice to holders of the Company's 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock (NYSE: SR.PRA – CUSIP No.: 84857L309) (the "Series A Preferred Stock") of the Company's intent to redeem all 10,000 of its outstanding Series A Preferred Stock, par value $25.00 per share, liquidation preference $25,000 per share, and the corresponding depositary shares of the Company ("Depositary Shares"), each representing 1/1000th fractional interest in one share of Series A Preferred Stock.

As previously disclosed, the redemption date is February 13, 2026 (the "Redemption Date"). The redemption price is equal to $25.00 per Depositary Share (the "Base Redemption Amount"), plus all accrued and unpaid dividends up to, but not including, the Redemption Date (the "Accrued Dividends", and together with the Base Redemption Amount, the "Redemption Price").

The Company previously declared a regular quarterly dividend on the Series A Preferred Stock in an amount equal to $0.36875 per Depositary Share (the "Declared Dividend"), payable on February 17, 2026, for holders of the Series A Preferred Stock as of the previously announced record date, January 26, 2026 (the "Record Date"). Only holders of shares of Series A Preferred Stock as of the Record Date will be entitled to receive the Declared Dividend on February 17, 2026 with respect to such shares.

Payment of the Redemption Price will be made in two parts. First, the Depositary Shares will be redeemed on the Redemption Date at a redemption price equal to the Base Redemption Amount (equivalent to $25,000 per share of the Series A Preferred Stock), payable only to the holders of the Series A Preferred Stock as of the Redemption Date. Second, on February 17, 2026, holders of record of the Series A Preferred Stock as of the Record Date will receive the Declared Dividend, which represents the entirety of the Accrued Dividends.

There are no additional Accrued Dividends payable with respect to the Series A Preferred Stock. Following payment of the Redemption Price, the Company will have no further obligations with respect to dividends or other amounts on the redeemed shares.

Questions relating to, and requests for additional copies of, the notice of redemption and the related materials should be directed to Computershare Trust Company, N.A. for the redemption of the Series A Preferred Stock. The address for the redemption agent is as follows:

Computershare Trust Company, N.A.
Attn: Corporate Actions
150 Royall St., Suite 101
Canton, MA 02021

Investors in the Depositary Shares should contact the bank or broker through which they hold a beneficial interest in the Depositary Shares for information about obtaining the redemption price for the Depositary Shares in which they have a beneficial interest.

About Spire

At Spire Inc. (NYSE: SR) we believe energy exists to help make people's lives better. It's a simple idea, but one that's at the heart of our company. Every day we serve 1.7 million homes and businesses making us one of the largest publicly traded natural gas companies in the country. We help families and business owners fuel their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses include Spire Marketing and Spire Midstream. We are committed to transforming our business through growing organically, investing in infrastructure, and driving continuous improvement. Learn more at SpireEnergy.com.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Spire's future operating results may be affected by various uncertainties and risk factors, many of which are beyond the Company's control, including weather conditions, economic factors, the competitive environment, governmental and regulatory policy and action, and risks associated with acquisitions. For a more complete description of these uncertainties and risk factors, see the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, each as filed with the Securities and Exchange Commission.

Investor Contact:
Megan McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com

Media Contact:
Jason Merrill
314-342-3300
Jason.Merrill@SpireEnergy.com

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SOURCE Spire Inc.

FAQ

What is Spire (SR) redeeming on February 13, 2026?

Spire is redeeming all 10,000 outstanding 5.90% Series A preferred shares on February 13, 2026. According to the company, the Depositary Shares are redeemed at a base price of $25.00 per share, with accrued dividends paid separately on February 17, 2026.

How much will SR pay per Depositary Share for the Series A redemption?

SR will pay a Base Redemption Amount of $25.00 per Depositary Share on the Redemption Date. According to the company, holders of record as of January 26, 2026 will also receive a declared dividend of $0.36875 on February 17, 2026.

Who receives the $0.36875 dividend for SR.PRA and when?

Holders of record as of January 26, 2026 will receive the $0.36875 dividend on February 17, 2026. According to the company, only those recorded by the Record Date are entitled to this declared quarterly dividend, paid after the redemption date.

Will SR owe any additional dividends after the redemption?

No. After payment of the Redemption Price and declared dividend, the company will have no further obligations on the redeemed Series A shares. According to the company, there are no additional accrued dividends payable with respect to the Series A preferred stock.

How will Series A Depositary Shareholders obtain their redemption payment from SR?

Depositary shareholders should contact their bank or broker to obtain the redemption price for shares held beneficially. According to the company, Computershare Trust Company, N.A. is the redemption agent for registered holders and can provide the related materials and instructions.